Vernon sees property values increase but smaller towns see biggest jump

Property values in smaller North Okanagan towns increased more dramatically in 2020 than in Vernon.

Numbers released today, Jan. 4, by B.C. Assessment show property values in Vernon increased by three per cent in 2020, taking the typically assessed value of a  single-family residential home in the city to $479,000 up from $463,000 in 2019.

However, larger gains were seen in smaller communities outside of Vernon with Lumby and Enderby both seeing double-digit increases in property evaluations.

The typical assessed value of a single-family residential property in Lumby increased to $384,000 from $340,000 – a 13 per cent jump. Single-family residential property in Enderby increased to $339,000 from $303,000 – a 12 per cent rise.

Armstrong and Spallumcheen both saw single-family residential property increase by seven per cent taking the typical assessed value in Armstrong to $425,000 from $399,000. Housing in Spallumcheen increased to $367,000 from $342,000.

The trend of smaller communities seeing higher increases than the larger cities is reflected across the Thompson-Okanagan.

READ MORE: Small communities in Thompson-Okanagan saw big increases in property assessments

The District of Coldstream has the highest-priced single-family residential property in the North Okanagan with the typical assessed value rising to $606,000 from $581,000 – a four per cent jump.

Single-family residential property in Vernon grew to $479,000 from $463,000 – a three per cent increase.

The 2021 assessments reflect the market value as of July 1, 2020.

While single-family residential property prices grew across the board, the typical assessed value of strata homes – largely condos and townhouses – dropped by one per cent in Vernon. The typical assessed value of strata homes in Vernon is now $281,000 down from $285,000 in 2019.

When including all residential property types, as well as business and commercial, and land, the assessment value increased in the North Okanagan by 4.79 per cent and has a total value of $33,788,843,308.

B.C. Assessment says homeowners across the North Okanagan will receive their 2021 assessment notices in the mail sometime in the next few days.

For more information on B.C. Assessment go here.

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